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A five-year delay to the energy transition could see the global average temperature rise to 3-degree Celsius above pre-industrial levels.
China accounted for 65% of global wind capacity in 2023, which pushed four Chinese wind turbine original equipment manufacturers (OEM) into the top five global rankings, a first for the sector. With a record of 16.3 gigawatts (GW) capacity installed, Goldwind maintained the leading position for the second consecutive year.
If high interest rates persist, transitioning to a net zero global economy will be even harder and more costly. The higher cost of borrowing negatively affects renewables and nascent technologies, compared to more established oil and gas, and metals and mining sectors, which remain somewhat insulated.
Global wind turbine order intake hit new highs in 2023 with 155 gigawatts (GW) procured for the year, an increase of 16 GW from 2022.
More than 100 gigawatts (GW) of global renewable energy capacity is expected to be tendered in 2024. With more than 60 GW to be offshore wind, the overall volume is set to grow as the year progresses and will match 2023 levels.
The future of low-carbon hydrogen hinges on global policymakers introducing regulations and subsidies that focus on the carbon intensity of the hydrogen produced rather than its colour.
Despite supply chain headwinds and price pressures, the global offshore wind sector saw significant growth in its mature pipeline, as late-stage pipeline mergers & acquisitions, turbine orders, and project financial investment decisions (FIDs) saw record activity in 2023. This has boosted the sector’s momentum into 2024.
Currently on target to reach a record-breaking 230 gigawatts (GW) of wind and solar installations this year, China leads the global renewables market. This is more than double the number of US and Europe installations combined.
After investing over US$130 billion into the solar industry in 2023, China will hold more than 80% of the world’s polysilicon, wafer, cell, and module manufacturing capacity from 2023 to 2026.
The global Battery Energy Storage Systems integrator market has grown increasingly competitive in 2022, with the top five global system integrators accounting for 62% of overall BESS shipments.
The top 10 global solar photovoltaic (PV) inverter vendors accounted for 86% of market share in 2022, increasing by 4% year-over-year since 2021, according to latest analysis by Wood Mackenzie, a global insight business for renewables, energy and natural resources.
Despite concerns about underinvestment in upstream, peak oil and gas demand can be met in the 2030s without a substantial increase to current annual asset development investment levels of US$500 billion in 2023 terms, according to a new Horizons report from Wood Mackenzie.
The acceleration of the energy transition means gas resource holders increasingly face a choice: follow the established pathway and develop new LNG export facilities or pivot into developing blue ammonia.
The global floating solar market is expected to pass the six-gigawatt (GW) threshold by 2031, as PV developers struggle to meet growing solar demand and look to alternate development technologies.
China’s solar exports grew 64% to US$52 billion in 2022 despite global trade tensions, according to latest analysis from Wood Mackenzie.
Despite policy support and market growth, the biggest economic hurdle to the uptake of the latest nuclear and small modular reactors (SMRs) is cost, according to Wood Mackenzie report.
As companies in the energy and natural resource sector struggle to find the balance between satisfying shareholder returns and meeting stakeholder low-carbon demands, new strategies are emerging that could be the catalyst to drive capital allocation decisions toward growth and closing valuation gaps, according to “Fuelling Change” a new Horizons report from Wood Mackenzie.
The global wind energy market will pass the one terawatt (TW) threshold for installed capacity by the end of 2023, according to the latest market outlook from Wood Mackenzie.
California dwarfs all virtual power plant (VPP) markets in North America, housing 24% of projects in the region, according to Wood Mackenzie’s ‘North America VPP market: H1 2023’ report.
The total global announced capacity for hydrogen projects reached 71.4 million tonnes per annum (Mtpa), but 2022 falls short of becoming a record year according to latest analysis from Wood Mackenzie.
The energy transition will require oil and gas for decades to come, but the supply of lower-cost, lower-carbon “advantaged” barrels remain scarce, threatening emissions targets and causing upstream providers to pivot to new strategies, according to “Scraping the Barrel” a new Horizons analysis from Wood Mackenzie.
Wood Mackenzie report offers five key developments for the energy sector over the next 12 months
Long-duration storage energy (LDES) projects around the world have attracted more than US $58 billion in commitments made by governments and companies since 2019. If all these projects went forward, it would lead to the installation of 57 gigawatts (GW) of LDES – the equivalent of three times the global energy-storage capacity deployed in 2022, according to analysis from Wood Mackenzie.
Strong activity in China pushed global wind turbine order intake to 43 gigawatts (GW) in quarter two of 2022, a new record, and up 36% from year-ago levels. This equates to an estimated $18.1 billion, according to new analysis from Wood Mackenzie.
US Inflation Reduction Act bill set to boost CCUS uptake but more is needed to meet net zero goals by 2050
Energy super basins of the future must fulfill three key criteria - abundant resources, access to low-cost renewables and hub-scale carbon capture and storage (CCS) opportunities, according to a new report by Wood Mackenzie.
Wood Mackenzie, Inc. a Verisk business (NASDAQ:VRSK), and Ball Corporation (NYSE: BALL) today announced the launch of Global LNG Liquefaction Monitoring – the first product arising from their strategic agreement to accelerate the development of advanced analytics for energy markets.
Wood Mackenzie welcomes Canadian Solar as a development partner for its industry-leading Lens® decision intelligence platform, which delivers live data across the industrial landscapes of every global economy.
The recent run up in natural gas prices - hitting its highest at Henry Hub since 2008 - is a result of more muted market balancing mechanisms than in the past, say analysts from Wood Mackenzie, a Verisk business (Nasdaq: VRSK).
China’s renewables manufacturing has emerged from 2021 bigger and more competitive than ever before. Western markets are benefitting from trading with the IKEA of the energy transition, but balancing reliance on China’s technology providers with local interests is now a key political as well as environmental challenge, says Wood Mackenzie.
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